Actually, I said I would now sell some, only some, when it got to $31.25. That other poster convinced me that I was being too conservative at only $31. It didn't quite hit my target, at least long enough for me to do something about it. I didn't have a limit order in.
Interesting point, Fan, on Summit purchase affecting BBT price. For some reason, I forgot about a possibility of BBT being sold as a price driver. How soon we forget when we're ponitificating!! Just goes to show that I've been taking myself too seriously! The answer to that, of course - more golf!! Man do I ever be so humble out on the course! Bah - humbug!
If BBT is seen in play - which I doubt - then the PE could escalate. But who would/could buy them? They have a bigger market cap than WB, if you can believe that. I would have said Fleet as a possible, Wells as a likely, and TSI as too late! But what do I know??
I think any purchase premium will shake out soon - it would have to be a perfect deal and I doubt there is one perfect enough for Mr. A, Mr. K, and Mr. W out there - i.e., they run the joint!
So, we're back to good old earnings and multiples thereof. (Dang that sounded like a NY lawyer, didn't it?!) I still think Mr. A should quit diluting the stock and use some of that cash to buy some back and reward the shareholders. I mean, why buy that mortgage thing? Everybody else sold their's a few years ago. Course, he's made other clever purchases - like Regional Acceptance - boy was that a great deal!
I know I'm being harsh - in general Mr. A has done an excellent job, but what would have earnings been this year if he had curbed his dilutive growth over the past two years and what would my share price be now? It's a valid question I think. Where is their shareholder's meeting next year? Maybe I should ask........
Stock, don't forget that buybacks have and will be part of the plan to enhance value (1) when the price makes sense, and (2) when they're out of registration with the SEC in connection with pending deals.
Also, don't forget that the deals done are neutral in the second year and accretive to EPS by the third according to the policy outlined in the annual report. Aquisitions that make sense for s/h are a stated line of business. With all the deals in the past, you're ahead of the game.
If you haven't been to an annual meeting you ought to do it. I haven't a clue where the 2001 meeting will be, but I wouldn't be surprised if W. Va. were picked due to the new block of s/h up there. It was in DC in '99 and Atlanta last year.